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What are the must-have features in a POS system?

The variety of options available in point-of-sale (POS) systems can be daunting, especially for small, independent retailers and restaurants that might be new to adopting them. If you haven’t chosen a system for your business yet, you’re not alone: Nearly two-thirds of single-store retailers are in the same boat.[1] But if you feel like it’s time to start seriously evaluating your choices, here are four areas to keep in mind:

Customer Service

Today’s POS systems are designed to be the backbone of customer service. Shoppers hate standing in line, so the ability to quickly scan a bar code rather than writing manual receipts speeds up the process considerably. More importantly, newer systems can accept mobile payments. While mobile consumes just a sliver of today’s market, it’s expected to grow exponentially, rising to $503 billion in U.S. sales by 2020.[2] Today, accepting mobile payments is a competitive advantage. In a few years, it will be a necessity.

Security

As much as shoppers grouse about how much longer it takes to read a chip than swipe a card, consumers are increasingly conscious about protecting their personal data. In fact, some studies show that buyers would rather swipe or insert their cards themselves than hand them over to a checkout person to do it.[3] Terminals that allow the customer to control their credit cards will give your shoppers better peace of mind.

Inventory Control

Manual inventory systems aren’t just inefficient. They’re expensive, especially when you add in opportunity costs. Your POS system will keep track of every item in your store, giving you up-to-the-minute information about what’s selling and what’s not. You can quickly identify your top revenue generators and eliminate the dead weight, boosting sales and cutting costs.

Analytics

Data is the holy grail of customer loyalty, and the right POS system can help you not only identify your most loyal customers, but also give you insight into how to build even deeper relationships. You’ll know what your customers buy, how often they buy it and how much they are willing to spend every month. That can help you target them with relevant offerings at just the right time.

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